The AUD/USD currency pair added a pleasant day in its uncertain journey. The AUD/USD pair is today’s reported itself with an increased price of 0.7742.
Whereas two days back Australian dollar (AUD) dropped terribly against the US dollar (USD).
The chances for the growth of AUD/USD are minor because more than three instant resistances are standing ahead of the pair might cause a hurdle in the path of AUD/USD.
If we consider the recent fall, it might be happening because of the US building permits.
US Census Bureau, at the Department of Commerce, plans to release the building permit data on May 18, 2021 (Friday). According to economists’ predictions, it might remain at the figure of 1.771 M in April compared to the month before reading of 1.754 M.
The building permits section displays the number of permits issued for new construction projects. It is a term used to describe the movement of corporate capital (US economic development). As a result, the USD is vulnerable to some ambiguity. The more permits given, the more positive (or bullish) the USD becomes, but the AUD/USD suffers as a result.
While the AUD/USD has the maximum levels of support(as shown in the diagram below). It gives the investors a clear indicator that the AUD/USD is the best possible place to invest, as it has the maximum potential to overcome itself against the harsh times.
Both technical and fundamental analyses backed the buyer and seller of this pair, indicating that it could be a high-yielding pair in the Forex market.